Under: Retention strategies
According to a new global study by GetResponse. welcome emails produce an 84.22% average open rate and 25.91% click-through rate throughout the world. Firms that don't send them are missing out on "a huge opportunity to connect with your customers when they're most receptive to hearing from you," writes Courtenay Worcester, director of U.S. marketing for GetResponse, in MarTech Advisor.
Wow, a year can go fast! You work hard to get a new member or subscriber. Onboard them, check after 3-6 months how involved they are, and then poof, they're up for renewal. According to a report from the IEEE Sections Congress, over 70% of attrition was made up of members with two years of membership or less. Once settled in, that percentage significantly dwindles.
In a recently published guide on renewal practices from Canadian software company Wild Apricot (with research from Marketing General Incorporated), it was found that organizations with the highest renewal rates employed phone calls as part of the process.
I just decided not to renew a certain subscription that I had to a cultural institution. In their last letter to me, they said here's what you'll be missing and listed a few benefits. That makes sense—I recall Jim Sinkinson telling us to remind subscribers of what they would be losing if they don't renew. "Great renewal copy threatens a loss—of security, well-being, opportunity, or all three."